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7 Family Life Hacks to Save $1,000 a Year

If you are looking to save a substantial amount of money then using a few life hacks can do just that. By employing a few tricks, you could save up to $1000 a year. Here are seven life hacks that can save you money.

Sign Up For a Rewards Credit Card

Many rewards credit cards offer bonus miles that can be on the upward of 50,000 points if you spend a certain amount of money. If you are a big traveler than these cards can save you a huge amount of money in plane tickets.  Depending on how much the credit card's points are worth, you could be saving between $500 and $2000 in travel expenses. This is a great way to save money, especially if you have to travel for business reasons or love going on vacations but don't want to chip away at your savings to do so.

Replace Your Cable Bill with Hulu or Netflix

NPD, which is a market research firm, has estimated that the average U.S. citizen spends $86 a month on their cable bill. Unless you are a huge sports fanatic, there is no logical reason why you need to spend that money on cable, as the majority of what you are paying for is ESPN and then a small amount in order to subsidize the channels that you most likely never watch. If you can take TV out of your life equation then that's great, but if you need your TV fix there are definitely some cheaper alternatives. In this day and age you can stream Hulu and Netflix straight to your TV, only costing you $8 a month, which can save you between $350 and $850 a year.

Switch to a Cheaper Cell Phone Service

The average cell phone bill for a U.S. citizen is $71 a month, and people who have smart phones generally pays a lot more than that. By finding a cell phone service provider that has a cheaper plan, you can save a substantial amount of money every year. For example, some cell phone providers only charge about $50 a month for the first user of a family plan, and then it decreases from there. This can save you between $350 and $700 a year.

Change Your Car Insurance

If you are driving a car that isn't worth a huge amount then you should not be paying collision insurance. This type of insurance can cost between $100 and $1000, which is not worth it if you aren't driving an expensive car. By cutting out this type of insurance you can save a good amount of money.

Switch to a Higher Deductible Health Insurance Plan

If you are a healthy individual and you do not have any recurring health expenses then you should consider switching to a higher deductible plan. This type of plan will provide you with coverage in the case of an accident or major illness, but could save between $200 and $1000 if you remain healthy.

Negotiate with Companies

You can save more than $1000 on your bills by making some phone calls to the companies that you do business with on a regular basis. These companies do not want to lose your business, and so in many cases will lower your rates and fees. When you call a company remember to remind them that you are a loyal customer, and that you'd hate to take your business elsewhere. Chances are you can lower your bill by a huge amount.

Buy Your Necessities in Bulk

Buying products when you need them will force you to go to a store that sells their products at a premium. Instead, you should try to keep track of the items that you buy on a regular basis, and purchase them in large quantities when they're on sale or go to a warehouse like Costco, where you can buy products in bulk for a discount.